- Growth In Assets Of 23% To Reach Kshs.1.645 trillion.
- Net Loans Register 26% Growth
- Subsidiaries Contribute 46% Total Assets And 45% Profit Before Tax
- 27.7% Return on Equity
Amidst a tough operating global macro environment characterized by stubbornly sticky high inflation, high interest rates, volatile exchange rates and devaluation of emerging economies currencies, Equity Group has announced 2023 half year results that reflect resilience. The Group registered a funding growth of 23% driven by 21% growth in customer deposits and 29% growth in shareholders’ funds as a result of recovery of mark-to-market losses on Eurobonds. Net loans to customers registered a growth of 26% while investments in government securities grew by 33%. Yields on investment in government securities increased to 11.1% up from 10.1% while yields on loans increased to 11.9% up from 11.4%. Cost of deposits rose to 2.9% up from 2.3% driving cost of funding to 3.7% up from 2.8% generating a profit after tax of 9%, reflecting the volatility in the operating microenvironment.
While releasing the half year financial results, the Group Managing Director, and CEO Dr. James Mwangi said “Our strategic pursuit has resiliently positioned us to weather the macro-economic headwinds and turbulence. Regional geographical expansion and business diversification has seen reliance on contribution of the Kenyan banking subsidiary reduced with other subsidiaries contributing 46% total assets and 45% of Profit Before Tax, driven primarily by insurance and the DRC business. The drive to non-funded income growth registered good success with total income growing at 24% driven by a 42% growth of non-funded income and 17% growth of net interest income.” He added, “Gross trade finance revenue grew by 117% with trade finance related lending growing by 46%, FX total income grew by 68% and diaspora flows grew by 146% to account for 12% of all client FX volumes.”
A defensive strategy saw liquidity ratio remain strong at 51.1% while capital ratios remained strong at 15.1% and 19% for core capital to risk weighted assets and total capital to risk weighted assets respectively. Despite the challenging macro and micro economic environment, focus on asset quality management saw the Group register an NPL ratio of 9.8% against an industry average of 14.9%. Prudent management saw growth in cost of credit risk to 1.9% up from 1.3% driven by 89% growth in provisions to cover the risk of rising portfolio at risk (PAR) ratios. Given the VUCA operating environment the Group strengthened its leadership bench by recruiting skilled and experienced executives to match the capabilities and competencies to the challenges of growth. Staff costs registered a growth of 32% while other operating costs grew by 33%.
East Africa has remained the fastest growing region in the world. The regional governments are focused on fiscal consolidation with budget deficit reductions. Given Equity Group’s offensive strategy of focusing on payments, trade finance, FX business among other non-funded income while strengthening efficiency through digitization and defensive approach to liquidity, capital and asset quality buffers, the Group continued to deliver on its stated financial outlook. Profit After Tax stood at Kshs.26.3 billion reflecting a Return on Equity of 27.7% and a Return on Assets of 3.5%. “We are confident Equity Group is strategically positioned as a regional systemic bank among the top 3 in 5 of its 6 operating countries to support further integration and increased cross border trade under the African Continental Free Trade Area while supporting the region to remain the fastest growing common market in the world to offer opportunity for long term sustained value creation” added Dr. Mwangi.
![Canon’s RF/EF lens production exceeds 170 million units, extending its world record in interchangeable lens production Both EF and RF lenses have gained strong support from a wide range of users—from beginners to professionals—leading to steady growth in production volume Canon Inc. announced that, in October 2025, Canon reached a historic milestone of producing a cumulative total of 170 million RF and EF interchangeable lenses for its EOS series, extending its world record for the highest number of interchangeable camera lenses ever produced. The EF lens was introduced in 1987 as the dedicated lens system for Canon’s EOS autofocus single-lens reflex film camera, debuting simultaneously with the EOS system itself. Since their inception, EF lenses have led the industry by incorporating a series of world-first technologies, including the Ultrasonic Motor (USM), Image Stabilizer (IS) technology, and a multilayered Diffractive Optical (DO) element, and have undergone numerous evolutions. In 2018, Canon launched the RF lens series, designed for the EOS R mirrorless camera system, which features a large aperture, short back focus, and high-speed communication system to deliver even higher image quality. The RF and EF lens series lineup now includes a total of 108 models , covering a wide range of focal lengths from ultra-wide 10mm to super-telephoto 1200mm. The series also includes the world’s first VR lens lenses with built-in power zoom suited for video shooting, and even those compatible with power zoom adapters—expanding the scope of creative expression and meeting the diverse needs of users for both still photography and video. EF lens production began at Canon’s Utsunomiya Plant in 1987. Since then, both EF and RF lenses have gained strong support from a wide range of users—from beginners to professionals—leading to steady growth in production volume. Today, Canon manufactures lenses at five sites: Utsunomiya Plant; Canon Inc., Taiwan; Canon Opto (Malaysia) Sdn. Bhd.; Oita Canon Inc.; and Miyazaki Canon Inc. Milestones include 10 million units produced by 1995 and 50 million by 2009. Then in 2014, Canon became the first company in the world to reach 100 million interchangeable camera lenses produced. In October 2025, the company reached 170 million units, leading to the achievement of this world record. The 170 millionth lens produced was the RF 70-200mm F2.8 L IS USM Z. Canon has maintained the No.1 global market share for digital interchangeable-lens cameras for 22 consecutive years since 2003. Moving forward, Canon will continue to refine its proprietary imaging technologies and further strengthen and expand its lens lineup, pioneering new imaging possibilities and contributing to the continued evolution of photographic and video culture. Highlights in the development of the RF/EF Lens Series The EF lens, which was introduced alongside EOS in March 1987, has adopted a variety of world-first technologies, including Image Stabilizer (IS) technology, featured in the EF 75-300mm f/4-5.6 IS USM released in 1995; a multilayered Diffractive Optical (DO) element, used in the EF 400mm f/4 DO IS USM launched in 2001; and Subwavelength Structure Coating (SWC) [7], applied to the EF 24mm f/1.4L II USM released in 2008. In 2021, Canon launched the EOS VR System, a VR video system consisting of a mirrorless camera [8], dedicated lens, and PC software, thereby creating a 3D 180° VR video through an interchangeable lens camera. In 2024, Canon began rolling out a new series of hybrid lenses equipped with iris rings, designed to meet the needs of both still photography and professional video production. For zoom lenses, the company has also launched RF 24-105mm F2.8 L IS USM Z and RF 70-200mm F2.8 L IS USM Z which are compatible with power zoom adapters. For single focus lenses, the company released F1.4 L hybrid prime lens series that unified the size and ring and button position across models. In September 2025, Canon launched RF 85mm F1.4 L VCM, the fifth model in this series, demonstrating that it can meet demands in line with the changing times. [1] Includes EF, EF-S, EF-M, EF Cinema, RF, RF-S, and RF Cinema lenses and extenders. As of October 21, 2025 (according to a survey by Canon) [2] Among SLR cameras (according to a survey by Canon) [3] Number of products sold as of October 22, 2025 (including extenders). The number of lens models for sale is different according to market figures. [4] Focal length is 5.2mm to 1200mm when including VR lenses [5] An interchangeable digital camera lens that enables VR footage with a single camera. Among interchangeable lens digital cameras released as of October 5, 2021 (according to a survey by Canon) [6] Refers to unit share (according to a survey by Canon) [7] A special coating with advanced anti-reflective properties [8] For applicable cameras, please visit the official Canon website *Release dates in this document refer to dates in Japan. Canon Central and North Africa (CCNA) is a division within Canon Middle East FZ LLC (CME), a subsidiary of Canon Europe. The formation of CCNA in 2016 was a strategic step that aimed to enhance Canon’s business within the Africa region - by strengthening Canon’s in-country presence and focus. CCNA also demonstrates Canon’s commitment to operating closer to its customers and meeting their demands in the rapidly evolving African market. Canon has been represented in the African continent for more than 15 years through distributors and partners that have successfully built a solid customer base in the region. CCNA ensures the provision of high quality, technologically advanced products that meet the requirements of Africa’s rapidly evolving marketplace. With over 100 employees, CCNA manages sales and marketing activities across 44 countries in Africa. Canon’s corporate philosophy is Kyosei – ‘living and working together for the common good’. CCNA pursues sustainable business growth, focusing on reducing its own environmental impact and supporting customers to reduce theirs using Canon’s products, solutions and services. At Canon, we are pioneers, constantly redefining the world of imaging for the greater good. Through our technology and our spirit of innovation, we push the bounds of what is possible – helping us to see our world in ways we never have before. We help bring creativity to life, one image at a time. Because when we can see our world, we can transform it for the better.](https://businessinsights.africa/wp-content/uploads/2026/05/1.-Canon-EOS-R50-Mirrorless-Camera-for-Beginners-1024x764-1-100x70.jpg "Canon makes history with 170 Million lenses milestone")
